MIRA INFORM REPORT

Report No. :	493058
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	SATI GROUP S.P.A
Registered Office :	Via Bonazzi, 24, 40013- Castel Maggiore(BO)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	20/04/1989
Legal Form :	Joint stock company
Line of Business :	· Wholesale of agricultural machinery, equipment and supplies · Wholesale of packaging
No. of Employees :	From 26 to 35

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

COMPANY NAME AND ADDRESS

Sati Group S.p.a.

Via

Bonazzi,

24

40013

- Castel Maggiore

(BO)

-IT-

Summary

Fiscal Code	:	03882680378
Legal Form	:	Joint stock company
start of Activities	:	03/04/1990
Equity	:	Over 2.582.254
Turnover Range	:	18.000.000/20.000.000
Number of Employees	:	from 26 to 35

Activity

Wholesale of agricultural machinery, equipment and supplies

Wholesale of packaging

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03882680378

Foreign Trade Reg. no. : BO030784 since 21/02/1994

Chamber of Commerce no. : 322062 of Bologna since 25/05/1989

Firms' Register : BO006-51942 of Bologna since 19/02/1996

V.A.T. Code : 00672251204

R. E. C. no. : 60439 of Bologna since 03/04/1990

Foundation date	: 20/04/1989
Establishment date	: 20/04/1989
Start of Activities	: 03/04/1990
Legal duration	: 31/12/2040
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

SATITRADINGSPA@PEC.SATITRADING.IT

Members

Tonelli

Silvia

Born in Bologna

(BO)

on 13/01/1963

- Fiscal Code : TNLSLV63A53A944J

Residence:

P.p. Molinelli

, 11

- 40100

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Tonelli

Riccardo

Born in Bologna

(BO)

on 06/08/1971

- Fiscal Code : TNLRCR71M06A944Z

Residence:

G. Monti

, 5

- 40131

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	03/08/2015

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Tonelli

Riccardo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sati Di Tonelli Gianni S.a.s.	Castel Maggiore (BO) - IT -	02082710373	Limited Partner	Withdrawn	Registered
Tonelli Riccardo	Castel Maggiore (BO) - IT -	TNLRCR71M06A944Z	Proprietor	Withdrawn	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Tonelli Silvia	Bologna - IT -	TNLSLV63A53A944J
Tonelli Riccardo	Bologna - IT -	TNLRCR71M06A944Z

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Legal and operative seat

Bonazzi

, 24

- 40013

- Castel Maggiore

(BO)

- IT -

PHONE

: 051700321

FAX	: 051701350

Legal mail

: SATITRADINGSPA@PEC.SATITRADING.IT

-

Branch

since 01/01/2018

Bonazzi

, 28

- 40013

- Castel Maggiore

(BO)

- IT -

Employees

: 35

Fittings and Equipment for a value of 860.000

Eur

Stocks for a value of 5.300.000

Eur

Vehicles for a value of 52.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	19/12/2007

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
SATI TRADING S.P.A.	SATI GROUP S.P.A.	01/01/2015

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

The company is active since 1990

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

During the last years, it achieved profits (r.o.e. 10,16% on 2016) keeping the turnover steady during the last two years.

The operating result was positive in the last financial year (4,14%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 634.281 with a -20,82% drop.

The gross operating margin of the latest financial year is of Eur. 825.752 on the same levels as the previous financial year.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,58) which is yet rising if compared to 2015.

Subject can manage an equity capital funds for an amount of Eur. 4.005.763 , unchanged if compared to 2015.

During the last financial year total debts volume reached Eur. 10.779.383 (Eur. 1.492.896 were m/l term ones) , with no sensible variation.

Bank exsposure is limited and the suppliers' credit is modest too, 83,95 gg. is the payment average period which is also lower than the sector average.

Payments are supported by good current assets.

Credits are collected in 27,74 days on the average. , that compared to the sector's average is shorter.

The financial management generated a cash flow of Eur. 578.625.

Subordinate employment cost is of Eur. 1.945.485, i.e. 10,47% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 10,27%.

Financial charges have a limited incidence (-0,12%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	18.937.408
Profit (Loss) for the period	406.896

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	17.929.307
Profit (Loss) for the period	505.809

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	17.170.122
Profit (Loss) for the period	437.527

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	16.602.172
Profit (Loss) for the period	287.222

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	17.431.577
Profit (Loss) for the period	393.795

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses	2.278	3.037
. . Research,develop. and advert.expens.
. . Industrial patent rights	11.215	10.802
. . Concessions,licenses,trademarks,etc.	7.418	8.130	16.301
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	131.740	80.732	30.318
. Total Intangible Fixed Assets	152.651	102.701	46.619
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	856.518	533.848	631.915
. . Industrial and commercial equipment			762.167
. . Other assets	37.839	6.516	-848.756
. . Assets under construction and advances
. Total Tangible fixed assets	894.357	540.364	545.326
. FINANCIAL FIXED ASSETS
. . Equity investments	13.997	13.997
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	13.997	13.997
. . Financial receivables			40.762
. . . . Within 12 months
. . . . Beyond 12 months			40.762
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties			40.762
. . . . Within 12 months
. . . . Beyond 12 months			40.762
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	13.997	13.997	40.762
Total fixed assets	1.061.005	657.062	632.707
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	5.069.267	4.940.917	5.341.026
. . Advance payments	228.100
. Total Inventories	5.297.367	4.940.917	5.341.026
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.974.690	2.106.694	1.542.586
. . Beyond 12 months	3.003
. . Trade receivables	1.459.391	1.697.918	1.159.782
. . . . Within 12 months	1.498.320	1.739.805	1.159.782
. . . . Beyond 12 months	-38.929	-41.887
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	368.153	315.594
. . . . Within 12 months	368.153	315.594
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	150.149	54.597	382.804
. . . . Within 12 months	108.217	51.295	382.804
. . . . Beyond 12 months	41.932	3.302
. Total Credits not held as fixed assets	1.977.693	2.106.694	1.542.586
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities			13.997
. Total Financial Assets			13.997
. LIQUID FUNDS
. . Bank and post office deposits	6.948.971	6.990.494	5.228.318
. . Checks
. . Banknotes and coins	1.712	1.508	1.408
. Total Liquid funds	6.950.683	6.992.002	5.229.726
Total current assets	14.225.743	14.039.613	12.127.335
ADJUSTMENT ACCOUNTS
. Discount on loans		55.142	25.220
. Other adjustment accounts	49.147
Total adjustments accounts	49.147	55.142	25.220
TOTAL ASSETS	15.335.895	14.751.817	12.785.262
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	364.100
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	171.516	146.225	124.348
. Reserve for Own shares
. Statute reserves
. Other reserves	2.427.351	1.946.831	2.167.084
. Accumulated Profits (Losses)
. Profit( loss) of the year	406.896	505.809	437.527
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.005.763	3.598.865	3.093.059
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.		79.204
. . Taxation fund, also differed	7.233	2.162
. . Other funds	137.936	22.638	75.108
Total Reserves for Risks and Charges	145.169	104.004	75.108
Employee termination indemnities	391.744	345.363	302.978
ACCOUNTS PAYABLE
. . . . Within 12 months	9.286.487	8.973.103	7.831.060
. . . . Beyond 12 months	1.492.896	1.705.381	1.317.057
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	6.256.046	5.531.193	3.595.634
. . . . Within 12 months	4.763.150	3.825.812	3.595.634
. . . . Beyond 12 months	1.492.896	1.705.381
. . Due to other providers of finance			1.317.057
. . . . Within 12 months
. . . . Beyond 12 months			1.317.057
. . Advances from customers	18.259	8.580	8.313
. . . . Within 12 months	18.259	8.580	8.313
. . . . Beyond 12 months
. . Trade payables	3.824.543	4.218.752	3.622.511
. . . . Within 12 months	3.824.543	4.218.752	3.622.511
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	316.405	511.331	486.084
. . . . Within 12 months	316.405	511.331	486.084
. . . . Beyond 12 months
. . Due to social security and welfare inst.	86.414	94.076	63.050
. . . . Within 12 months	86.414	94.076	63.050
. . . . Beyond 12 months
. . Other payables	277.716	314.552	55.468
. . . . Within 12 months	277.716	314.552	55.468
. . . . Beyond 12 months
Total accounts payable	10.779.383	10.678.484	9.148.117
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	13.836	25.101	166.000
Total adjustment accounts	13.836	25.101	166.000
TOTAL LIABILITIES	15.335.895	14.751.817	12.785.262

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	-5.194
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	18.937.408	17.929.307	17.170.122
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	271.232	387.953	77.125
. . Contributions for operating expenses	38.674	42.391	44.621
. . Different income and revenues	232.558	345.562	32.504
Total value of production	19.208.640	18.317.260	17.247.247
PRODUCTION COSTS
. Raw material,other materials and consum.	12.695.708	11.746.260	12.261.994
. Services received	3.194.625
. Leases and rentals	509.897	3.380.023	3.245.936
. Payroll and related costs	1.945.485	1.683.423	1.543.612
. . Wages and salaries	1.279.406	1.152.856	1.090.577
. . Social security contributions	388.733	368.876	342.277
. . Employee termination indemnities	77.244	73.763	75.294
. . Pension and similar	11.582	11.373
. . Other costs	188.520	76.555	35.464
. Amortization and depreciation	171.729	146.416	92.159
. . Amortization of intangible fixed assets	20.865	8.715	9.042
. . Amortization of tangible fixed assets	111.536	96.496	83.117
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	39.328	41.205
. Changes in raw materials	-128.350	400.109	-911.576
. Provisions to risk reserves	19.742
. Other provisions
. Other operating costs	165.523	159.907	90.323
Total production costs	18.574.359	17.516.138	16.322.448
Diff. between value and cost of product.	634.281	801.122	924.799
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	75	134
. . In subsidiary companies
. . In associated companies
. . In other companies	75	134
. Other financial income	213	141.310	1.966
. . Financ.income from receivables	174
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies	174
. . Financ.income from secur. t.f.assets			1.907
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	39	141.310	59
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	39	141.310	59
. Interest and other financial expense	-22.270	-54.712	-116.695
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-54.712	116.695
Total financial income and expense	-21.982	86.732	-114.729
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			78.693
. . Gains on disposals			4.544
. . Other extraordinary income			74.149
. Extraordinary expense		-49.342	-147.616
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-49.342	-147.616
Total extraordinary income and expense		-49.342	-68.923
Results before income taxes	612.299	838.512	741.147
. Taxes on current income	205.403	332.703	303.620
. . current taxes	200.332	330.541	303.620
. . differed taxes(anticip.)		2.162
. Net income for the period	406.896	505.809	437.527
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	406.896	505.809	437.527

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,07	0,04	0,05	0,11
Elasticity Ratio	Units	0,93	0,95	0,95	0,87
Availability of stock	Units	0,35	0,33	0,42	0,22
Total Liquidity Ratio	Units	0,58	0,62	0,53	0,56
Quick Ratio	Units	0,45	0,47	0,41	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,58	0,54	0,84	3,81
Self Financing Ratio	Units	0,26	0,24	0,24	0,17
Capital protection Ratio	Units	0,65	0,58	0,74	0,65
Liabilities consolidation quotient	Units	0,20	0,23	0,21	0,12
Financing	Units	2,69	2,97	2,96	4,72
Permanent Indebtedness Ratio	Units	0,38	0,39	0,37	0,30
M/L term Debts Ratio	Units	0,12	0,14	0,13	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,28
CORRELATION
Fixed assets ratio	Units	5,55	8,66	7,45	2,06
Current ratio	Units	1,53	1,57	1,55	1,16
Acid Test Ratio-Liquidity Ratio	Units	0,96	1,02	0,87	0,84
Structure's primary quotient	Units	3,78	5,48	4,89	1,28
Treasury's primary quotient	Units	0,75	0,78	0,67	0,03
Rate of indebtedness ( Leverage )	%	382,85	409,90	413,35	591,61
Current Capital ( net )	Value	4.939.256	5.105.095	4.296.275	219.071
RETURN
Return on Sales	%	3,06	3,64	3,08	2,22
Return on Equity - Net- ( R.O.E. )	%	10,16	14,05	14,15	6,27
Return on Equity - Gross - ( R.O.E. )	%	15,29	23,30	23,96	15,95
Return on Investment ( R.O.I. )	%	4,14	5,43	7,23	4,19
Return/ Sales	%	3,35	4,47	5,39	3,42
Extra Management revenues/charges incid.	%	64,15	63,14	47,31	29,26
Cash Flow	Value	578.625	652.225	529.686	61.669
Operating Profit	Value	634.281	801.122	924.799	95.558
Gross Operating Margin	Value	825.752	947.538	1.016.958	144.934
MANAGEMENT
Credits to clients average term	Days	27,74	34,09	24,32	120,94
Debts to suppliers average term	Days	83,95	99,49	84,09	120,04
Average stock waiting period	Days	100,70	99,21	111,98	61,92
Rate of capital employed return ( Turnover )	Units	1,23	1,22	1,34	1,27
Rate of stock return	Units	3,57	3,63	3,21	5,74
Labour cost incidence	%	10,27	9,39	8,99	7,77
Net financial revenues/ charges incidence	%	-0,12	0,48	-0,67	-1,26
Labour cost on purchasing expenses	%	10,47	9,61	9,46	7,90
Short-term financing charges	%	0,21	0,51	1,28	2,67
Capital on hand	%	80,98	82,28	74,46	78,39
Sales pro employee	Value	315.623	344.794	357.710	437.713
Labour cost pro employee	Value	32.424	32.373	32.158	33.928

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	944.297
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

Monthly family expences average in the region (in Eur..) :

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.720.

The insolvency index for the region is 0,46, , while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
Euro	1	INR 79.79

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.